EverSource Capital, a joint venture platform of private equity firm Everstone Capital and Lightsource BP, has acquired Origin Renewables Pvt. Ltd, a person familiar with the transaction said.
Mumbai-based Origin Renewables was set up in 2015 by Manikkan Sangameswaram, who was previously the co-head of ICICI Venture’s infrastructure fund. It provides services for rooftop solar projects, ground-mounted solar farms, and hybrid wind-solar systems to corporate and commercial users, according to its website.
Details of the transaction couldn’t be ascertained. EverSource and Origin Renewables didn't respond to a request for comment.
This would be the second deal by EverSource, which was set up in 2018 to make green and sustainable investments in India, in as many years. EverSource had last year joined the National Investment and Infrastructure Fund (NIIF) to back an India-focussed renewable energy platform floated by UK-based development finance institution CDC Group Plc.
EverSource’s acquisition of Origin was first reported by The Economic Times.
According to the website of EverSource, it has also set up Radiance Renewables Pvt. Ltd to develop 1.5 GW of solar, wind or storage capacity in the next three to five years under a build-own-operate-transfer model. Besides, EverSource has incubated electric mobility company GreenCell Mobility Pvt. Ltd.
EverSource is also the fund manager of the Green Growth Equity Fund, which was established with anchor investment from India’s NIIF and the the UK government’s Department for International Development. The fund aims to invest in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains, according to its website.